Fundamentals of Private Pensions

Hardcover | January 3, 2010

byDan Mcgill, Kyle N. Brown, John J. Haley

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For more than five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on retirement plans in the United States. The ninth edition is completely updated and reflects recent developments in retirement plans including the passage of the US PensionProtection Act of 2006 (PPA), the widespread shift toward hybrid and defined contribution plans, and a burgeoning economics and finance research literature on retirement and retirement plans. The volume is organized into eight main sections so the reader may use the volume as a text, a researchtool, or a general reference. Section I (Chapter 1) introduces the historical evolution of the pension movement and the underlying forces that shaped its progress. Section II (Chapters 2 and 3) explains how employer-provided pensions fit into the patchwork of the U.S. retirement income security system, especially SocialSecurity. The section also includes a discussion of the economics of tax incentives and their effect on retirement plan offerings and the structure of the benefits provided. Section III (Chapters 4 through 9) lays out the economic role of retirement plans--their design, workforce incentives, planfinances, production of adequate retirement income, possibilities for phased retirement, and the risk of outliving pension assets. Section IV (Chapters 10 through 13) examines the various forms of defined benefit and defined contribution plans, including hybrid plans, in terms of their structure,requirements, and operations. Section V (Chapters 14 through 20) lays out the regulatory environment in which plans operate; this extensive material has been especially updated to reflect PPA, and the reams of associated guidance and implementing regulations. Section VI (Chapters 21 through 25)explores the funding and accounting rules under which private defined benefit plans operate; this section also reflects the new PPA rules. The penultimate section (Chapters 26 through 28) includes a complete revamping of chapters on risk management and investments applicable to retirement plans. Thesection describes modern portfolio theory and its broad implications for retirement investing, and in two separate chapters, specific implications for defined benefit and defined contribution plans. The final section (Chapter 29) concludes the text with a discussion of the future of retirement plansin the United States and around the world--a particularly timely subject in light of the extreme financial volatility experienced in 2008 and the pending retirement of the baby boom generation.

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For more than five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on retirement plans in the United States. The ninth edition is completely updated and reflects recent developments in retirement plans including the passage of the US PensionProtection Act of 2006 (PPA), the widespread ...

Dan McGill is Professor Emeritus of Insurance at the University of Pennsylvania's Wharton School, during which time he chaired the Department of Insurance, directed the Pension Research Council, and directed the Huebner Foundation. Previously, he held academic positions at the University of Tennessee, University of North Carolina, an...

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Format:HardcoverDimensions:880 pagesPublished:January 3, 2010Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199544514

ISBN - 13:9780199544516

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Table of Contents

Section I: Introduction1. Underlying ForcesSection II: Broad Public Policy Environment for Retirement Plans2. Social Insurance3. The Politics and Economics of Tax PreferencesSection III: The Role of Pension Plans4. Overall Objectives in Designing a Retirement Program5. Human Resource Incentives in Employer-Sponsored Retirement Plans6. Financing of Employer-Sponsored Retirement Plans7. Total Retirement Income: Setting Goals and Meeting Them8. Changing the End of Work: Phased Retirement9. Dealing with Risks of Outliving Resources in RetirementSection IV: Structure of Retirement Plans10. The Design of DB Plans11. The Design of DC Plans12. The Design of Hybrid Plans13. Individual PlansSection V: Regulatory Environment for Retirement Plans14. Historical Review of Pension Regulations15. Basic Regulatory Environment and Plan Qualification Requirements16. Coverage, Nondiscrimination, and Integration with Social Security17. Tax Consequences: Distributions and Contributions18. Form of Doing Business and Transactional Consideration19. Fiduciary Responsibility with Participant Rights20. Plan Termination and Participant RightsSection VI: Actuarial Requirements and Practices and Accounting for Pensions21. Actuarial Cost Factors22. Funding Requirements for Single Employer DB Plans23. Funding Requirements for Multiemployer Plans24. Cost Illustrations and Scope of Employer Choice/Strategy25. Financial Accounting and Disclosures for Retirement PlansSection VII: Pension Risk Management and Investments26. The Basics of Investments for Retirement Plans27. Investing for Defined Benefit Plans28. Investing and Defined Contribution PlansSection VIII: The Future of Pensions29. The Future of Pensions